You are the vice president of finance of Ivanhoe Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2017. These schedules appear below. Sales ($5 per unit) Cost of Goods Sold Gross Margin Schedule 1 $159,200 $143,878 $15,322 Schedule 2 159,200 149,550 9,650 The computation of cost of goods sold in each schedule is based on the following data. Units Cost per Unit Total Cost Beginning inventory, January 1 10,950 $4.40 $48,180 Purchase, January 10 8,950 4.50 40,275 Purchase, January 30 6,950 4.60 31,970 Purchase, February 11 9,950 4.70 46,765 Purchase, March 17 11,950 4.80 57,360 Jane Torville, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Torville that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions. Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions.